Copper Falls to $6,613 per Tonne on Chinese Slowdown

Copper for delivery in three months fell 0.8 percent or $52.90 to $6,613 per tonne on the London Metal Exchange, Bloomberg Businessweek reported. According to estimates by Bloomberg, China’s economy will slow its rate of growth this year to the lowest since 1990, as recent data shows China’s gross domestic product expanded 1.5 percent in the first quarter, a slowdown from its 1.8 percent growth in the fourth quarter of 2013. China is the world’s largest copper consumer, meaning its economic growth has a strong influence on the price of the red metal.

Copper for July delivery on the Comex in New York fell 0.9 percent or $0.027 to $3.0095 per pound.